Bitcoin futures open interest on CME, a derivatives exchange approved by the Commodity Futures Trading Commission (CFTC), jumped to an all-time high of 118,540 BTC, worth over $4.42 billion, according to data from CoinGlass on November 27. 

Bitcoin Futures Open Interest Rising On CME

Since crypto activity on CME, considering its approval by one of the United States’ agencies is a proxy to institutional activity and interest, the rise in open interest may suggest that more heavyweights explore Bitcoin in late November. Open interest aggregates the total number of unsettled long or short positions. Traders track this reading, using it to gauge overall sentiment.

On November 28, the Bitcoin futures open interest contracted to 112,050 BTC worth $4.22 billion. Despite this drop, CME remains the largest exchange for Bitcoin futures, reading from the number of open interest. Notably, it has eclipsed Binance, the world’s largest cryptocurrency exchange.

Meanwhile, Bitcoin prices remain volatile at spot rates, moving inside a narrow range in lower time frames. However, the uptrend remains when price action is analyzed from a top-down preview. For now, BTC has a ceiling of $40,000 but is firm above $35,000 as buyers seem to double down.

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Author: Dalmas Ngetich

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